Westfield will develop a 488,000 sq ft shopping complex at the World Trade Center, New York, after regaining an interest in the site.
The Australian developer has signed a letter of intent with the Port Authority of New York and New Jersey to form a joint venture. Westfield will be responsible for the management and leasing of the multi-level mall. It will invest $625m (£316m) in development costs.
Westfield originally bought an interest in the retail facilities at the WTC in July 2001. It then sold the interest to the Port Authority in December 2003 in order to simplify the rebuilding process.
